NEW CONTRACTS SIGNED WITH COMBINED VALUE OF US$ 50 MILLION
JSC SITRONICS ('SITRONICS' or 'The Company') (LSE: SITR), a leading provider of
telecommunications, IT and microelectronic solutions in Russia and the CIS, with
a growing presence in other EEMEA emerging markets, today announced that its
'OAO NIIME & Mikron' Microelectronic Solutions division subsidiary has won
fifteen open tenders to develop electronic components for the Federal Agency of
Industry. The research and development (R&D) contracts are expected to be worth
approximately US$ 50 million in revenues to SITRONICS.
The R&D projects are part of the Federal programme to develop a 'National
Technological Base', and are expected to be completed in 2009. OAO NIIME &
Mikron is also currently participating in a number of other R&D project tenders
by the Russian Federation's Ministry for Industry and Energy.
Gennady Krasnikov, Head of the SITRONICS Microelectronic Solutions division,
commented: 'Our success in wining these mandates demonstrates the quality and
efficiency of our R&D capability, as well as our proven track record of
executing such contracts. We reinvest up to 20% of our revenues in research and
development and are committed to the advancement of existing microelectronic
technologies and the development of the microelectronic industry as a whole.'
For further information, please visit www.sitronics.com or contact:
SITRONICS Shared Value Limited
Alexey Tischenko, Head of Capital Markets Investor Relations
Tel: +7 495 221 4943 Matthew Hooper
email@example.com Tel. +44 (0) 20 7321 5010
Elena Sanarova, Public Relations
Tel : +7 495 225 0030
SITRONICS is a leading provider of telecommunication solutions, including
software, equipment and systems integration, IT solutions and microelectronic
solutions in Russia and the Commonwealth of Independent States with a strong
presence in Central and Eastern Europe and a growing presence in the Middle East
SITRONICS serves over 3,500 clients, maintains offices in 30 countries and
exports its products and services to more than 60 countries. SITRONICS has over
10,000 employees of whom approximately 4,600 are involved in research and
SITRONICS' key Telecommunication Solutions operations are based in Prague, Czech
Republic and Athens, Greece, while the company's IT Solutions and
Microelectronic Solutions divisions are based in Kiev, Ukraine and Zelenograd,
For the three months ended March 31, 2007, SITRONICS' revenues were US$ 310
million. As of 31 March 2007, SITRONICS had total assets of US$ 1.97 billion.
SITRONICS is majority owned by Sistema, the largest diversified holding company
in Russia and CIS.
SITRONICS has developed strategic alliances in its home markets with Cisco
Systems, STMicroelectronics, Infineon and Giesecke & Devrient in relation to
certain products and services. SITRONICS has vendor relationships with Siemens,
Ericsson, Motorola, ORACLE, Intel, Sun Microsystems and Microsoft. Key customers
include Sistema group companies, such as MTS, Comstar UTS and MTT, and also OTE,
Cosmote, Vodafone, Ericsson, Arcelor Mittal (formerly Mittal Steel) and TCL.
Some of the information in this press release may contain projections or other
forward-looking statements regarding future events or the future financial
performance of SITRONICS. You can identify forward-looking statements by terms
such as 'expect,' 'believe,' 'anticipate,' 'estimate,' 'intend,' 'will,'
'could,' 'may' or 'might' the negative of such terms or other similar
expressions. These statements are only predictions and actual events or results
may differ materially. We do not intend to or undertake any obligation to update
these statements to reflect events and circumstances occurring after the date
hereof or to reflect the occurrence of unanticipated events. Many factors could
cause the actual results to differ materially from those contained in our
projections or forward-looking statements, including, among others, general
economic conditions, our competitive environment, risks associated with
operating in Russia, rapid technological and market change in our industries,
and other factors specifically related to SITRONICS and its operations.
This document does not constitute or form part of any offer or invitation to
sell or issue, or any solicitation of any offer to purchase or subscribe for,
any shares or other securities of SITRONICS, nor shall any part of it nor the
fact of its distribution form part of or be relied on in connection with any
contract or investment decision relating thereto, nor does it constitute a
recommendation regarding the securities of SITRONICS.